Top Largest Banks in Illinois

Illinois, one of the most economically significant states in the United States, is home to a number of prestigious financial institutions that not only contribute to the state’s economic growth but also play a pivotal role in the global financial system. Among these institutions, Northern Trust Co., Harris Bank, First Chicago Bank & Trust, and First Midwest Bank stand out as key players, each with its own unique history and contributions to the banking landscape of Illinois. These banks have established themselves as pillars of the state’s financial infrastructure, offering a wide array of services to both individual consumers and businesses, while maintaining a strong presence in both domestic and international markets.

Northern Trust Co., founded in 1889, is the largest private bank trust company in the United States and a recognized leader in wealth management and institutional services. Headquartered in Chicago, Northern Trust has built a reputation for its personalized banking services and its strength in providing sophisticated financial solutions to individuals, families, and institutions. The bank has a long and storied history, one that stretches back over a century, and has established itself as an expert in managing the wealth of high-net-worth individuals and institutional clients. Today, Northern Trust offers a wide array of services, including asset management, trust and estate services, investment consulting, private banking, and institutional custody services. It has expanded its reach beyond Chicago, with offices around the United States and around the globe, but the bank’s roots in Illinois remain strong.

Northern Trust’s status as a multi-bank holding company allows it to leverage its scale and expertise to serve a broad range of clients. The company operates through various subsidiaries, with the principal one being The Northern Trust Company. This allows Northern Trust to offer specialized services that cater to diverse financial needs, ranging from personal wealth management to institutional investment services. Its focus on trust services and asset management has earned it a strong reputation, particularly among individuals and families seeking personalized financial planning and investment strategies. Moreover, Northern Trust’s institutional services, which include fund administration and global custody services, have made it a trusted partner for large corporations, institutional investors, and not-for-profit organizations.

One of the key aspects that sets Northern Trust apart from many other banks is its emphasis on stability and security. Over the years, the bank has been known for its conservative and prudent approach to risk management, ensuring that its clients’ assets are protected in times of economic uncertainty. This reputation for financial stability has helped Northern Trust maintain its status as a leading institution in the wealth management and asset servicing industries. Additionally, the bank’s strong focus on technology and innovation has allowed it to provide cutting-edge financial tools and services to its clients, ensuring that they have access to the best resources in managing their wealth and investments.

Harris Bank, now part of the global financial giant BMO Financial Group, is another prominent player in the Illinois banking landscape. With its origins dating back to 1882, Harris Bank has grown to become one of the largest banks in the Chicago area, with a network of full-service branches across the city and its surrounding suburbs. The bank offers a broad range of services, including personal banking, business banking, and wealth management, and is known for its customer-centric approach to banking. Harris Bank is particularly noted for its strength in the retail banking sector, where it serves a diverse customer base, ranging from individuals and families to small businesses and corporations.

In 1984, Harris Bank became a part of the Canadian-owned BMO Financial Group, which has further expanded the bank’s reach and capabilities. As part of BMO, Harris Bank has been able to offer a wider range of financial products and services, including international banking and global investment solutions, while still maintaining a strong focus on the local Chicago market. Harris Bank’s reputation for excellent customer service and its deep ties to the local community have helped it establish a loyal customer base, and the bank continues to be recognized as one of Chicago’s top financial institutions.

Crain's Chicago Business, a well-regarded source of information about the local business community, named Harris Bank as one of Chicago’s top 30 places to work in 2010, a testament to its strong corporate culture and commitment to employee satisfaction. The bank’s emphasis on creating a positive work environment and its focus on supporting its employees’ professional development has helped it attract top talent in the banking industry. This focus on employee engagement is one of the reasons why Harris Bank has been able to maintain such strong customer relationships over the years. By investing in its people, Harris Bank ensures that its customers receive the highest level of service and support.

First Chicago Bank & Trust, a community bank based in Chicago, is another important institution in the state’s banking sector. While it may not have the same size or scale as some of the larger institutions like Northern Trust or Harris Bank, First Chicago Bank & Trust plays a critical role in providing banking services to local residents and businesses. The bank offers a wide range of services, including personal checking and savings accounts, business banking products, and loan services. It is particularly noted for its ability to provide the kind of personalized attention and service that larger banks often cannot match.

One of the key strengths of First Chicago Bank & Trust is its focus on community banking. As a local institution, the bank has a deep understanding of the needs of its customers and strives to offer financial solutions that are tailored to the unique needs of the community. This community-oriented approach has helped First Chicago Bank & Trust build strong relationships with both individual and business clients. In addition to its traditional banking services, the bank also offers wealth management and investment services, helping its clients grow and protect their assets over time. Despite its relatively smaller size compared to some of the larger banks in the state, First Chicago Bank & Trust has proven itself to be a reliable and trusted partner for local families and businesses.

First Midwest Bank is another significant financial institution in Illinois. Headquartered in Itasca, a suburb of Chicago, First Midwest has grown to become the largest independent bank in the Chicagoland area. The bank has built a reputation for its focus on customer service and its ability to provide a wide range of banking products to meet the needs of both individual consumers and businesses. First Midwest offers services such as checking and savings accounts, mortgages, business loans, and wealth management, among others. It is particularly well known for its focus on providing personalized financial solutions, making it a popular choice for local residents and businesses looking for banking services that are responsive to their needs.

First Midwest’s success can be attributed to several factors, including its strong community presence, commitment to customer satisfaction, and ability to adapt to changing market conditions. The bank has earned recognition for its work in the community, receiving the Illinois Bank Community Service Award in 2004. This award highlighted the bank’s efforts to support local charities, economic development projects, and other community initiatives. Additionally, First Midwest was recognized by Chicago Magazine in 2004 as one of the 25 best places to work in Chicago. This emphasis on creating a positive work environment for its employees has translated into a higher level of service for its customers, further reinforcing the bank’s position as one of Illinois’ leading financial institutions.

The growth of First Midwest Bank, along with its consistent focus on customer service, has allowed it to carve out a significant position in the highly competitive Chicagoland banking market. It has become a trusted partner for individuals and businesses alike, offering comprehensive financial solutions with a personal touch. Its ability to adapt to new technologies and changing market dynamics has also enabled it to stay relevant and continue growing in a rapidly evolving financial landscape.

In conclusion, Northern Trust Co., Harris Bank, First Chicago Bank & Trust, and First Midwest Bank are among the largest and most prestigious banks in Illinois. Each of these banks has made significant contributions to the state’s economy, offering a wide range of financial services to individuals, families, and businesses. Whether through Northern Trust’s leadership in wealth management, Harris Bank’s customer-centric approach, First Chicago Bank & Trust’s community focus, or First Midwest Bank’s reputation for excellent service and community involvement, these institutions play a vital role in the financial landscape of Illinois. Their continued success and growth reflect the strength and resilience of the state’s banking sector, which remains one of the most important and influential in the country.